Mumbai, Dec. 16 -- A report released by the Federal Reserve Bank of New York on Monday showed an unexpected downturn by regional manufacturing activity in the month of December.
The New York Fed said its general business conditions index plunged to a negative 3.9 in December from a positive 18.7 in November, with a negative reading indicating contraction. Economists had expected the index to fall to a positive 10.6.
The steep drop by general business conditions index came a month after it surged to its highest level in a year.
A downturn by shipments contributed to the sharp pullback by the headline index, as the shipments index plummeted to a negative 5.7 in December from a positive 16.8 in November.
The new orders index also tumbled t...